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| 表面の説明 | Central vignette of Ferdinand Magellan in portrait bust, framed by fine guilloche work and flanking dragon vignettes at left and right. A large numeral "100" underprint appears at lower left, with the text "PHILIPPINE ISLANDS" across the upper portion and "ONE HUNDRED SILVER PESOS" along the bottom panel. A circular red treasury seal is positioned at the right, with a second red "Manila, Philippine Islands" seal overlapping the central design. |
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| 表面の銘文 | SILVER CERTIFICATE BY AUTHORITY OF AN ACT OF THE CONGRESS OF THE UNITED STATES OF AMERICA APPROVED JUNE 23, 1906 THIS CERTIFIES THAT THERE HAVE BEEN DEPOSITED IN THE TREASURY OF THE PHILIPPINE ISLANDS ONE HUNDRED SILVER PESOS PAYABLE TO THE BEARER ON DEMAND IN SILVER PESOS OR IN GOLD COIN OF THE UNITED STATES OF EQUIVALENT VALUE |
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The Silver Certificate series for the Philippine Islands was produced by the Bureau of Engraving and Printing in Washington under the authority of the Philippine Commission, which had been reorganizing the archipelago's currency since the Conant-designed peso system took effect in 1903. By 1916 the silver-backed structure was well established, but the 100 Peso denomination saw almost no everyday use — the value was roughly equivalent to several months' wages for most Filipino laborers, meaning surviving examples were rarely handled by ordinary people.
Pick 38 is among the scarcer high-denomination issues of the series. The silver reserve backing these certificates was held in Manila, not Washington.